JSM Financial: Strong trading revenues boost Morgan Stanley’s first quarter results.

April 21, 2010 - PRLog -- JSM Financial sources report that Wall Street banking giant Morgan Stanley has announced that its first quarter results show a $1.8 billion profit on the back of strong trading revenues.

Morgan Stanley said it earned $1.03 a share during the first quarter. The bank went on to say that including earnings from discontinued operations, it had posted a $1.4 billion profit  or 99 cents per share for the quarter, as compared to a loss of $578 million or 57 cents per share during the first quarter of 2009.

JSM Financial understands that analysts had forecast that the bank would report a profit, including discontinued operations, of $938 million or 57 cents per share.

While cautioning that the firm still had “a great deal of work to do,” the banks CEO James Gorman praised the company’s efforts, particularly those of the sales and trading businesses.

Morgan Stanley’s results fell in place with other top U.S. banks earnings.

Citigroup, as earlier reported by JSM Financial, reported first quartered profits of $4.4 billion, while the Californian based Wells Fargo reported first quarter profit of $2.5 billion. Both banks significantly beating analysts’ expectations.

Morgan Stanley’s closest rival, Goldman Sachs has also come out with stronger than expected results, announcing an impressive $3.5 billion in profits.

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